It depends on who the buyer is. If there actually is a "buyer", and it is either Shire or Merck, they both full well know the value of Iplex and would build it into the offer. We know Merck is willing to gamble $300 million to develop an Iplex similar - so that would be the starting valuation for Iplex. The they would have to add in time to market and risk, So, much more. As for Shire, they already tipped their hand as well.

Does anyone else find it interesting that they raise over twice as much as they said they would need? Why? If you do the math, fully diluted there are around 55 million shares when you include all the options, warrants, etc. When you add in another 11 million shares, assuming the book runners take their million, the 10 million shares sits just under the 15% threshold for disclosures and tax ramifications. That is why Fidelity continues to sit just under that 15% mark. What if a deal was cut to allow a "strategic" investor to buy all 10 million shares? Just a thought.

Maybe we now know who is buying 10 million shares and the shorts will not be able to cover. Wouldn't that be interesting. Maybe this is Shire's response to Merck's $300 million investment to develop an Iplex look alike. Maybe it lit a fire under them, Or, maybe it's just a way for Iplex to stir up the pot?

5 million may be bought to cover the shorts they have without moving the share price up. So, the shorts now won't get penalized for suppressing the share price through shorting but, in fact, rewarded. What a racket.

The settlement was clear in that they were forced to indicate and conform to the terms which precluded any development while the Increlex "patent" was in force. They have religiously stuck to that storyline and rightfully so. Why tempt fate - especially when it could throw you back into court facing damage claims? But, in 30 months, they can do and say what they want to. Until then they will sit back. But, if I were Ipsen, I know in a few years Increlex is screwed. So, let them rebuild the $250 million pipeline for short stature and then crush them.

I don't think so. He clearly wants financial flexibility. With that much in the bank he should also float a $50 million bond issue. Get as much debt financing as he can - especially if he's looking at an acquisition sooner than later.

Still in the bank. I wonder if they are anticipating compassionate use approval which would, in turn, accelerate manufacturing and marketing costs. They indicated in the offering letter an expansion of their manufacturing facility. Why - if its going to be a rollout over a few years. There's plenty of time to do this. Also, what are they going to buy and when? Looks like this may happen sooner than later.

Looks like they will just pay off the loan. What bothers me is that they told us they needed to raise $95 million by later in the year and then wham, it's now. The last time the biotech short hedge funds colluded to illegally manipulat the offering and were caught and fined millions. I guess that won't happen this time. Now we know why the shorts had to fear of getting hammered - they and their banker cronies knew this was coming.

And, their "pipeline" is far more limited and looks to be much farther out than Insmed's. Maybe all the talk about a $60 buyout price really is complete nonsense. Also of interest is that their share price rose from around $15 to $70 over the past year. On the basis of this valuation Insmed's current share price should be north of $45 right now on a same - same basis without calculating in the size of the Insmed market, which adds another 100% or more to $45 value.

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